QUESTION ONE: CASH BUDGET [25 MARKS] The following information was extracted from Leeds Ltd's monthly forecast of its sales and expenses for 2022. Month Sales Purchases Wages Miscellaneous expenses R R R R February 120 000 84 000 10 000 7 000 March 130 000 100.000 12 000 8 000 April 80 000 104 000 8 000 6 000 May 116 000 106 000 10 000 12 000 June 88 000 80 000 8 000 6 000 Additional Information: 1.. Sales are realised as follows: 20% realised in the month of sales, discount allowed 2% of cash received. Balance realised equally in two subsequent months. 2. Purchases are paid in the month following the month of supply 3. Wages are paid in the month they are incurred. 4. Miscellaneous expenses are paid a month in arrears. 5. Rent of R1 500 per month is paid quarterly in advance. The second quarter payment is due in April. 6. Income tax: First instalment of advance tax, R12 000, due on 15th June. 7. Income of R5 000 from investments is received quarterly, in April, July, etc. 8. Cash in hand on 1st April, 2022 is estimated at R5 000. REQUIRED: Forecast the cash position of Leeds Ltd at the end of April, May and June 2022